Composite Materials Market Size, Share, Growth, Trends, and Global Industry Analysis: By Fiber Type (Glass Fiber, Carbon Fiber, Natural Fiber & Others), By Resin Type (Thermoset, Thermoplastic), By End User (Aerospace, Wind Energy, Automotive, Construction, Electrical, Sporting Goods, Pipes and Tanks & Others), and Region, Forecast 2019-2030.

Composite Materials Market size was valued at US$ 121.7 billion in 2023 and is projected to reach a value of US$ 205.9 billion by 2030, at a CAGR of 7.8% from 2024-2030. Composite materials are made from two or more constituent materials that have significantly different physical or chemical properties, when combined they produce a material with enhanced characteristics, such as improved strength, durability, or resistance to environmental factors. The key growth factors of the market are the increasing demand for renewable energy sources like wind and solar power, rising demand for lightweight and high-performance materials in sports equipment.

However, the key constraints of the market are high initial cost associated with raw materials and production processes, which can make these materials less competitive compared to traditional materials, complexity involved in assessing the strength of composite structures. Additionally, the emerging opportunities of the market are demand for lightweight and fuel-efficient vehicles, advancements in technology and a focus on sustainability. The key trends of the market are growing use of bio-based and sustainable composites, increased application of carbon fiber composites. 

Key Players

The leading companies highlighted in the composite materials market report include such as Hexcel Corporation, Toray Industries, Owens Corning, Solvay S.A., Teijin Limited, SGL Carbon SE, Mitsubishi Chemical Corporation, Huntsman Corporation, Gurit Holding AG, Zoltek Companies, Inc., COMPOSITES UNIVERSAL GROUP, Cabot Corporation, and others. Also, a comprehensive analysis of industry verticals and market participants that provides a clear overview of the competitive landscape in relation to the sectors served by the company’s products and services, market share, service offerings, financial reports, significant developments, market strategy, competitive position, and geographic reach.

Key Takeaways

•    Asia Pacific is dominating the market in 2023.
•    The North America is expected to expand significantly from 2024 to 2030.
•    Based on fiber type, the glass fiber dominated the market in 2023.
•    Based on resin type, the thermoset accounted to have largest market share in 2023. 
•    Based on end user, the wind energy segment has captured highest market share in 2023

Facts & Figures  

•    In 2020, Toray Industries, a leader in carbon fiber production, introduced Torayca T1100G, a high-tensile carbon fiber material. This composite material is used in aerospace, sporting goods, and other high-performance applications due to its high strength and lightweight characteristics. 
•    In 2021, Solvay and SGL Carbon entered a partnership to develop more sustainable carbon fiber-based composites for the automotive and aerospace sectors. This collaboration aimed to advance the use of recyclable materials and bio-based resins, reflecting growing environmental concerns in the industry.

Key Developments 

In 2021, The major composite materials firm in India, ITC Ltd., has succeeded in building its composite materials business due to a supportive tax environment, a renewed emphasis on product design and innovation, and a broad distribution network. The business is expanding gradually and is doing well with a high-growth strategy.

Composite Materials Market Segmentation

By Fiber Type: Among all the fiber types, glass fiber composites dominate the market, accounting for more than 95% of the global composites industry. In contrast, natural fiber composites (NFCs) provide alternatives but currently have a much smaller market share. 

By Resin Type: Thermoset composites are widely used in various applications, particularly in the appliance industries, due to their durability and resistance to high temperatures and they are dominating the market due to factors like, thermoset composites are manufactured using different kinds of reinforcements, particularly natural fibers, which will bring the sustainability and it will be long lasting as a product material. 

By End-user: Wind energy has emerged as fastest growing application segment within the market in 2023 which is driven by global shift towards renewable energy sources. The market for composite materials is expanding due to the increase in investments in wind power generation brought about by the growing need for renewable energy solutions to combat climate change. Furthermore, the creation of bigger and more effective wind turbine blades has been made possible by developments in composite manufacturing technology, improving energy capture and overall performance. The wind energy industry is expected to grow further, supporting the need for composite materials in the construction of wind turbines and driving innovation in the search for sustainable energy solutions. This is due to governments across the globe putting supportive policies and incentives in place to encourage the adoption of renewable energy.